Ross Asset Management – cache of investors’ money found?

The members of the RAM Investors Group
are relieved that more assets held by David Ross have
recently been found, but deeply concerned that the process
may be flawed and that the media seemingly have had to
inform the liquidator where some assets held by Mr Ross are
to be found.

The stuff.co.nz web site today
reported that the liquidator was not aware that David
Robert Gilmour Ross held a substantial holding of shares in
a tech company called Arria NLG for himself as trustee of
the DRG Ross Family Trust. Stuff also reported the
liquidator was not a receiver of the DRG Ross Family Trust
(reference below).

These revelations are concerning, as
the Investors Group would have hoped that eight months after
the collapse of RAM the expected intensive forensic
accounting exercise would have revealed all hidden funds,
especially those in such obvious places as Ross’s family
trust. We must question whether the forensic accounting has
been done adequately or whether there are further structural
regulatory flaws that prevent liquidators from getting
access to such information.

We must question the sources
of the funds in Ross’s family trusts. Are these funds
rightfully the property of the RAM investors?

In our
efforts to get further information on the wider front the
RAM Investors group has published this
diagram, which seeks to highlight the places where our
life savings may have gone. We still seem to be well short
of having a clear picture of the
reality.

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